Monday, Feb. 7, 2011 | 11:10 a.m.
A group of lenders seeking to foreclose on their collateral in the financially troubled Hard Rock Hotel in Las Vegas have reached an agreement with the hotel-casino, canceling a public foreclosure auction that had been scheduled for Tuesday.
The parties negotiated the agreement over the weekend and finalized it this morning, according to Jeff Silver, an attorney representing the lender, NorthStar Realty Finance Corp.
The agreement removes the need for a last-minute hearing before Nevada gaming regulators to approve Navegante Group to run the property should the lenders have succeeded in foreclosing on the Hard Rock.
"The lenders and borrower have reached an agreement going forward that would make the foreclosure tomorrow unnecessary," Silver said in a statement. "I would applaud the gaming agencies and Navegante for working with the parties to keep the property operating.”